An Action Plan to Accelerate Global Business and Investment in Africa

The report outlines a blueprint for increasing global business investment in Africa by utilizing the AfCFTA to create regional value chains. It focuses on four key sectors: agriculture and agro-processing, transport and logistics, automotive, and pharmaceuticals, detailing specific projects from companies like Coca-Cola, Yara International, DHL, and DP World to drive local production and reduce import dependency.

• The full implementation of the African Continental Free Trade Area (AfCFTA) is projected to create a single market of 1.7 billion people with $6.7 trillion in consumer and business spending by 2030, potentially increasing real incomes by 7% or nearly $450 billion.
• In the agriculture and agro-processing sector, the goal is for Africa to transition from a net importer—currently spending $75 billion annually on food imports—to becoming a global food exporter by 2050. Intra-African agricultural trade is projected to increase by 574% by 2030 if tariffs are eliminated.
• The transport and logistics sector faces a projected 28% increase in intra-African freight demand by 2030, which will require an additional 2 million trucks, 100,000 rail wagons, 250 aircraft, and over 100 vessels.
• The automotive industry aims to increase African vehicle manufacturing to between 4 and 5 million units by 2035, up from 1.1 million in 2022. Africa is well-positioned for the electric vehicle (EV) market as it holds 19% of the world's critical minerals and metals required for EV production.
• The pharmaceutical sector currently meets only 1% of its demand for essential medicines through domestic production. The Partnerships for African Vaccine Manufacturing (PAVM) has set a goal for Africa to manufacture 60% of its vaccine needs locally by 2040.
• Corporate initiatives include Coca-Cola's 'Mango Hub' to expand regional sourcing in East Africa, Yara International's digital farming tools for smallholders, and DHL's GoTrade initiative to reduce administrative burdens for SMEs in Côte d’Ivoire and Rwanda.
• Significant infrastructure investments are being deployed, including DP World's $80 million mega-logistics park in Sokhna, Egypt, and a 30-year contract to upgrade Tanzania’s Dar es Salaam port with an initial investment of over $250 million.
• The World Economic Forum's Global Alliance for Trade Facilitation is targeting the digitalization of phytosanitary certificates (ePhyto) to reduce trade delays, aiming to connect at least 70% of African countries to the International Plant Protection Convention ePhyto hub within 36 months.

APA

World Economic Forum (2024). An Action Plan to Accelerate Global Business and Investment in Africa. https://www3.weforum.org/docs/WEF_An_Action_Plan_to_Accelerate_Global_Business_and_Investment_in_Africa_2024.pdf

Chicago

World Economic Forum. An Action Plan to Accelerate Global Business and Investment in Africa. 2024. https://www3.weforum.org/docs/WEF_An_Action_Plan_to_Accelerate_Global_Business_and_Investment_in_Africa_2024.pdf.

Wikipedia

{{cite report |author=World Economic Forum |title=An Action Plan to Accelerate Global Business and Investment in Africa |date=January 2024 |url=https://www3.weforum.org/docs/WEF_An_Action_Plan_to_Accelerate_Global_Business_and_Investment_in_Africa_2024.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{worldeconomicforum2024action, author = {{World Economic Forum}}, title = {{An Action Plan to Accelerate Global Business and Investment in Africa}}, institution = {World Economic Forum}, year = {2024}, month = jan, url = {https://www3.weforum.org/docs/WEF_An_Action_Plan_to_Accelerate_Global_Business_and_Investment_in_Africa_2024.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }